If you are filing for Chapter 13 bankruptcy, you need to make sure you understand what filing for Chapter 13 bankruptcy is going to be like. It is a long process, and if you know what the reality of going into Chapter 13 bankruptcy is, you will get through the process better.

1. Chapter 13 Bankruptcy Is a Long Process

First, you need to understand that Chapter 13 bankruptcy is a long process. It is not over in a few months. Chapter 13 bankruptcy generally lasts for at least three years, although the process can take up to five years. Three to five years is a long time, so it helps to set the expectation that you may be dealing with this for so many years.

Over those three to five years, you are going to have stick to a payment plan. This payment plan is the key to getting you out of bankruptcy. That means that you are going to have to stick to a budget for three to five years. It can be easy in the beginning, but you are going to need to maintain your stamina.

It is easiest to stick to your new payment plan and schedule if you don't just try to get by, but if you change your lifestyle. It is going to take a lifestyle change in order to stick to a budget for this period of time. Downsizing your home and reining in your expenses will help you get through the long process of Chapter 13 bankruptcy.

2. Chapter 13 Bankruptcy Requires You to Be Financially Responsible

Second, during Chapter 13 bankruptcy, you have to be financially responsible. During that time, you are going to be expected to pay all of your bills on time. For example, you are going to be expected to pay your house and car payments, property taxes, child support, alimony payments, and any other regular payments.

In addition to making these payments, you are also going to have to make payments to some of your other creditors as well. You may not have to pay off everything that you owe to these creditors, but you will be expected to make a fair payment amount that is set by the judges.

You may need to get help setting up a budget and automatic payments so you stay on track during the years that the courts are monitoring your credit payments.

Chapter 13 bankruptcy is a long process that requires you to stick to a budget, make payments, and change your financial lifestyle if you want to be successful.